U.S. Second-Hand Home Sales Fell By The Most In A Year In February

U.S. second-hand home sales fell 7.2% in February, the biggest drop in the past year. There are two main reasons for the decline in second-hand property sales. First of all, the high property prices in the United States, with the average property price in February rising by 15% year-on-year, affected the willingness of prospective home buyers to enter the market. Secondly, with the 30-year U.S. bond interest rate rising, the mortgage rate also climbed to 4%, a high level not seen in the past three years, further weakening the purchasing power of prospective home buyers. With the Federal Reserve raising interest rates to push up bond rates, it is expected that the U.S. housing market has a chance to weaken.